Running a business and managing personal finances can be overwhelming. There are numerous options available, making it challenging to choose the best one. To simplify the process, we have compiled a list of top financial management tools suitable for both personal and professional use.
Personal Finance Tools
Personal financial requirements differ from business needs. Professional money management tools are often too complex for individuals. Hence, we have segregated the two categories. Below are some popular financial management software programs designed for personal use.
Google Sheets
Google Sheets may seem basic, but its accessibility from any device and no-cost feature make it appealing. It simplifies tracking income and expenses effortlessly.
Additionally, Google Sheets is beneficial for self-employed individuals who prefer a simple interface. Its formulas are similar to Excel, making it easy for Microsoft users.
Credit Karma
Credit Karma is ideal for monitoring personal credit, displaying credit reports and scores from TransUnion and Equifax. (Experian reports need to be checked separately.
Currently, Credit Karma is introducing a net worth feature that encompasses tracked balances and the option to link financial accounts for better debt-asset comparison.
Empower Personal Dashboard™
If you have investment accounts across various brokers, Empower Personal Dashboard™ lets you consolidate them in one place to monitor investment allocations efficiently. Empower also offers calculators for education savings, net worth, personal budgets, investments, and more.
YNAB
YNAB adopts the zero-based budgeting method, requiring every dollar to be allocated. By linking all accounts to YNAB, it tracks your balances accurately.
Integrating credit cards with the YNAB app allows setting payoff date goals or scheduling monthly balance payments. This aids in determining the monthly allocation for this expense. Savings goals do not necessarily require a fixed monthly amount, offering flexibility in setting goals.
Honeydue
For budgeting with a partner, Honeydue allows shared expense viewing and discussions. It categorizes expenses, tracks monthly spending, and differentiates individual and shared expenses. Moreover, Honeydue provides the option to create a joint checking account with no monthly fees and includes a debit card.
Prefer keeping personal account balances private from your partner? Honeydue lets you restrict your partner’s view, maintaining certain financial aspects confidential.
Financial management software for businesses
For comprehensive financial management software tailored for business finances, explore the options listed below.
Gusto
Gusto aids in effective payroll management when adding employees to your business. It integrates with accounting software, facilitating seamless payroll processing. The platform offers integrations with QuickBooks Online, Clover, QuickBooks Time (formerly TSheets), and When I Work, along with employee benefit solutions like health insurance and 401(k) plans.
Operating solo? Gusto also provides solutions for single-person businesses to ensure compliant payroll processing.
QuickBooks
QuickBooks, an Intuit product, is a trusted accounting software for businesses, covering all accounting requirements, including payroll.
With different pricing levels based on business size and complexity, QuickBooks offers time tracking options for employees to accurately record hours. Small businesses can efficiently manage accounting needs with QuickBooks.
My Figures
My Figures provides financial planning solutions for businesses at affordable monthly rates. It allows tracking business and personal bank accounts in one platform and offers P&L and balance sheet generation with AI-powered categorization.
Forecasting capabilities in My Figures assist in analyzing growth and forecasting expenses, functioning as a virtual CPA for your business.
FreshBooks
FreshBooks, a cloud-based accounting software, caters to smaller businesses with a price range of $6.80-$22 per month. It simplifies client management, invoicing, payments, double-entry accounting, time tracking, and more, making it ideal for small businesses with basic financial needs.
Expensify
Expensify streamlines expense management for individuals or teams, simplifying receipt scanning and reimbursement processes. Automation for bill payments and a corporate card option for seamless expense management are additional benefits of Expensify.
